Federal Reserve Bans Two Former Bankers for Misappropriating Customer Funds
The Federal Reserve has banned two former bankers from future work in the financial industry due to misconduct involving customer funds. Simon Alberto Gonzalez, a former relationship banker at Regions Financial Corporation based in Orlando, Florida, misused approximately $203,000 from an elderly client's accounts for personal gain between August 2023 and November 2024. Ralph Mojica, a teller at First Interstate Bank in Nampa, Idaho, embezzled $8,000 from the bank’s cash recycler and misappropriated $33,300 from two elderly customers' accounts between July and September 2025. The Fed cited both individuals for violating laws or regulations, engaging in unsafe banking practices, breaching fiduciary duties, and demonstrating personal dishonesty. The prohibitions are indefinite unless modified by the Federal Reserve's board of governors. These actions underscore regulatory scrutiny over employee conduct at financial institutions and reinforce accountability measures to protect customer assets.
Topics: banking regulation customer funds misappropriation embezzlement Federal Reserve